A bill in the California legislature would give low and middle income parents up to $500 in annual tax credits for investing in California’s “Scholar Share” college savings program.

The credits would be available to individuals earning less than $100 thousand per year and couples earning less than $200 thousand.

Assembly member Susan Bonilla authored the bill. She says students from all backgrounds should be able to afford a college education.

“This is a bill that, particularly for younger families, says we’re aware of the importance of college," says Bonilla. "But we’re also aware of the burden it’s going to cause and as a state we want to get behind you as you save.”

Bonilla says saving makes a difference because children with a college savings account attend college at a rate seven times higher than those without.

Bonilla says total student loan debt in California amounts to nearly $100 billion. Backers of the bill say that’s money that could be better spent boosting the state’s economy.